The Panama Friendly Nations Visa permits citizens of selected countries to apply for residency in Panama. Approval is based on their professional or economic ties to the country. The visa grants you residency rights and the ability to work and conduct business in Panama. The application process involves submitting proof of economic ties, financial solvency, and criminal background checks. Here is more information on how to qualify for the Panama Friendly Nations Visa:
You can apply for the Panama Friendly Nations Visa if you are a citizen of one of the 50 approved countries designated by the Panamanian government. These countries include Hungary, South Korea, Mexico, Germany, Cyprus, Spain, Denmark, New Zealand, and the United States.
Economic and Professional Eligibility
Applicants must prove that they will work in Panama or that they will be contributing to the economy in some way. One way to establish professional ties is through a contract of employment with a registered Panamanian company. You can also provide an offer of employment or a conditional contract as evidence of employment. Applicants can use real estate ownership or a fixed-term deposit in a local Panamanian bank as proof of economic ties as well.
For the main applicant, the required documents include:
- A valid passport.
- Eight passport-size photos.
- A criminal history background check.
- A copy of ID from their country of origin.
- Proof of professional and economic ties.
- Proof of financial solvency.
- Proof of address.
- Certified checks.
Dependents of the main applicant may also qualify for a visa in comes cases. Qualifying dependents include the applicant’s spouse and any children under 18. Unmarried children under the age of 25 who are full-time students may also qualify. Spouses must provide a valid passport, eight passport-size photos, and a marriage certificate. Children must provide a passport, birth certificate, and a personal affidavit. All documents must be valid and authenticated through the Panamanian Consulate.
When applying for the visa, you must submit two certified checks from the immigration service and the national treasury. The first costs $800 per applicant and covers the cost of deportation in case the applicant commits a crime. The second is a basic application fee of $250 per applicant, which is required by all applicants over 12 years. Other legal fees may apply depending on the situation and there may also be a fee required to open a bank account, which is another qualifying condition. In order to indicate solvency, you must hold a bank account in Panama with at least a $5,000 balance. Application process-associated costs may be up to a minimum of $10,000 per applicant if applying with dependents.
Benefits of Panama Residency
Panama has a territorial tax system, which means that any income earned outside the country is tax-free. The country has a favorable business climate, with tourism and property investments offering high growth potential. Panama can provide a high standard of living with modern amenities and a top-rated education system. Healthcare services are also of high quality and are accessible at a lower cost than in many other countries.
Apply For The Panama Friendly Nations Visa Today
Panama residency can open up investment, banking, and employment opportunities. It can also be a great choice for retirement as it has a relatively low cost of living and a friendly culture. Contact an immigration lawyer to learn more about the application process.